The jackpot for the MEGA Millions draw on Tue May 14, 2024, is projected to be $363 Million, with an option for a cash payout of $166.9 Million. Should you be the lucky winner of the MEGA Millions jackpot, anticipate the IRS to initially withhold 24% of your winnings for taxes, and be prepared that you might need to pay up to an additional 13% in federal taxes at tax time. For New Mexico residents, the state will deduct 5.9% from your lottery earnings.
| New Mexico MEGA Millions Jackpot/Cash Option for Tue May 14, 2024 |
|---|
| Draw Date | Tue May 14, 2024 | | Projected Jackpot | $363,000,000 | | Cash Value | $166,900,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $166,900,000 | | Federal Tax(24%) | $40,056,000 | | Additional Federal Tax | $21,657,330 | | State Tax(5.9%) | $9,847,100 | | Net Lumpsum Payment | $95,339,570 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$5,463,513 |
$1,981,830
$322,347 |
$3,159,336 |
| 2 |
$5,736,852 |
$2,082,966
$338,474 |
$3,315,412 |
| 3 |
$6,023,622 |
$2,189,071
$355,394 |
$3,479,157 |
| 4 |
$6,324,912 |
$2,300,548
$373,170 |
$3,651,194 |
| 5 |
$6,641,085 |
$2,417,532
$391,824 |
$3,831,729 |
| 6 |
$6,973,230 |
$2,540,425
$411,421 |
$4,021,384 |
| 7 |
$7,321,710 |
$2,669,363
$431,981 |
$4,220,366 |
| 8 |
$7,687,977 |
$2,804,882
$453,591 |
$4,429,504 |
| 9 |
$8,072,394 |
$2,947,116
$476,271 |
$4,649,007 |
| 10 |
$8,476,050 |
$3,096,469
$500,087 |
$4,879,494 |
| 11 |
$8,899,671 |
$3,253,209
$525,081 |
$5,121,381 |
| 12 |
$9,344,709 |
$3,417,873
$551,338 |
$5,375,498 |
| 13 |
$9,811,890 |
$3,590,730
$578,902 |
$5,642,258 |
| 14 |
$10,302,666 |
$3,772,317
$607,857 |
$5,922,492 |
| 15 |
$10,817,763 |
$3,962,903
$638,248 |
$6,216,612 |
| 16 |
$11,358,633 |
$4,163,025
$670,159 |
$6,525,449 |
| 17 |
$11,926,365 |
$4,373,085
$703,656 |
$6,849,624 |
| 18 |
$12,522,774 |
$4,593,757
$738,844 |
$7,190,173 |
| 19 |
$13,148,949 |
$4,825,442
$775,788 |
$7,547,719 |
| 20 |
$13,806,342 |
$5,068,677
$814,574 |
$7,923,091 |
| 21 |
$14,496,768 |
$5,324,135
$855,309 |
$8,317,324 |
| 22 |
$15,221,679 |
$5,592,352
$898,079 |
$8,731,248 |
| 23 |
$15,982,527 |
$5,873,865
$942,969 |
$9,165,693 |
| 24 |
$16,781,853 |
$6,169,616
$990,129 |
$9,622,108 |
| 25 |
$17,620,746 |
$6,480,006
$1,039,624 |
$10,101,116 |
| 26 |
$18,502,110 |
$6,806,111
$1,091,624 |
$10,604,375 |
| 27 |
$19,427,034 |
$7,148,333
$1,146,195 |
$11,132,506 |
| 28 |
$20,398,422 |
$7,507,747
$1,203,507 |
$11,687,168 |
| 29 |
$21,418,452 |
$7,885,158
$1,263,689 |
$12,269,605 |
| 30 |
$22,489,302 |
$8,281,372
$1,326,869 |
$12,881,061 |
|
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